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[v1forex]

MARKET COMMENTARY


On Friday, U.S. stocks rallied for a second session. The Dow Jones Industrial Average rose 387 points (+1.17%) to 33,390, the S&P 500 climbed 64 points (+1.61%) to 4,045, and the Nasdaq 100 jumped 245 points (+2.04%) to 12,290.

For the whole week, the three major stock indexes closed higher, after marking their biggest weekly losses of 2023 in the prior week.

Earlier, Atlanta Federal Reserve President Raphael Bostic said he is in favor of lower and slower rate hikes.

The U.S. Institute for Supply Management (ISM) Services purchasing managers index posted at 55.1 for February (vs 54.6 expected).

The U.S. 10-year Treasury yield sank 9.8 basis points to 3.958%.

Automobiles (+3.53%), technology hardware & equipment (+3.01%), and media (+2.43%) sectors were market leaders.

Tesla (TSLA) rebounded 3.61%. The company reported that sales of its China-made electric vehicles increased 31.7% on year to 74,402 vehicles in February.

Amazon.com (AMZN) gained 3.01%. The tech giants announced a delay to the construction of its second headquarters in Arlington, Virginia.

Apple (AAPL) advanced 3.51%. The Wall Street Journal reported that Foxconn, a key partner of Apple, is planning to expand iPhone production at its plant in India.

Meta Platforms (META) climbed 6.14%. The company's chief executive said it will lower prices of its Quest Pro and Quest 2 virtual reality (VR) headsets.

European stocks also closed higher. The DAX 40 rose 1.64%, the CAC 40 gained 0.88%, and the FTSE 100 edged up 0.04%.

U.S. WTI crude futures increased $1.70 to $79.87 a barrel.

Gold price climbed $19 to $1,855 an ounce.

The U.S. dollar retreated against other major currencies. The dollar index declined to 104.52.

EUR/USD rose 36 pips to 1.0633. The Eurozone's producer prices increased 15.0% on year in January (vs +19.0% expected).

Germany recorded a higher trade surplus of 10.8 billion euros in January (vs 8.6 billion euros expected) with exports growing 1.5% on month (vs +1.9% expected).

France's industrial production declined 1.9% on month in January (vs +0.5% expected).

USD/JPY slid 94 pips to 135.83.

GBP/USD jumped 99 pips to 1.2045, and AUD/USD gained 40 pips to 0.6770.

USD/CHF dropped 60 pips to 0.9364.

USD/CAD was little changed at 1.3596. Canada's data showed that the number of building permits dropped 4.0% on month in January (vs +3.9% expected).

Bitcoin slid over 4% to $22,500. Cryptocurrencies and related stocks were impacted after cryptocurrency-focused lender Silvergate Capital said it was evaluating its ability to operate as a going concern.

 

[v1forex]

If your country is not accepted by Deel we would use crypto to send payments.

 

[v1forex]

MARKET COMMENTARY


On Monday, despite a fierce downturn towards the end of the trading session, indices held on to close in positive territory ahead of Fed Chairman Powell's monetary policy testimony before congress on Tuesday. The S&P 500 rose 2.78pts (+0.07%) to 4048 and the Dow Jones Industrial Average added 40.47pts (+0.12%) to 33431 while the Nasdaq 100 gained 11.67pts (+0.09%) to 12302.

On the sector front, shares in the Technology Hardware & Equipment (+1.48%), Food & Staples Retailing (+0.66%), and Food, Beverage & Tobacco (+0.59%) sectors were the top performers while shares in the Automobiles & Components (-1.79%), Materials (-1.65%), and Consumer Durables & Apparel (-1.13%) sectors underperformed the most during the trading session.

On the U.S. equity front, Apple (AAPL), the consumer electronics company, rose 1.85% to $153.83 and outperformed the Nasdaq 100 after it was rated "buy" in a new coverage at Goldman Sachs while Merck & Co (MRK), the pharma giant, gained 3.95% to $111.1 as it was rated "buy" in a new coverage at Jefferies. Also, Snap (SNAP), the social media, jumped 9.48% to $11.66 after lawmaker efforts to ban TikTok appeared to be gaining traction in the US, according to Bloomberg.

Meanwhile, Tesla (TSLA), the electric-vehicle maker, declined 2.01% to $193.81 as the electric vehicle maker cut prices for both Model S and X in the US. Separately, the stock's price target was raised to $230 from $180 at Jefferies.

From a technical point of view, Merck & Co (MRK +3.95% to $111.1) crossed above its 50-day moving average while Walt Disney (DIS -0.47% to $100.66) crossed under its 50-day moving average.

From a relative strength vs S&P 500 point of view, Dow Inc (DOW -2.07% to $57.11) and Walt Disney (DIS -0.47% to $100.66) crossed under their 50-day moving average.

On the U.S. economic data front, factory orders decreased by 1.6% in January, against an expected drop of 3.7% month over month.

The U.S. 10-year Treasury Yield rose 1.4bps to 3.966%.

European stocks were mostly higher at the close as the Dax 40 rose 0.48% while the Cac 40 gained 0.34% and the FTSE 100 lost 0.22%.

After the close of Wall Street, WTI Crude Future (APR 23) was up $0.9 to $80.54. The contract was above its 20D MA (@ $77.66) and above its 50D MA (@ $78.09).

Gold was down $9.5 to $1847. The precious metal was above its 20D MA (@ $1843) and below its 50D MA (@ $1869).

Copper Future (MAY 23) on Comex was about flat to 407.4c/lb. The contract was below its 20D MA (@ 408.14c) and above its 50D MA (@ 406.58c).

Market Wrap: FOREX

The U.S. dollar index fell 0.2pts to 104.319.

EUR/USD added 44pips to 1.0679. In Europe, the Eurozone's January retail sales grew 0.3% on month, vs 1.3% expected. Moreover, the Sentix investor confidence index was released at -11.1 for March, compared -5.5 expected and -8.0 in February. In Germany, the Construction PMI index stood at 48.6 in February, above 45.1 forecasted and 43.3 one month earlier. Oppositely, in France, the Construction PMI index was published at 45.2 in February, below 48.4 the previous month and 49 expected.

GBP/USD dropped 15pips to 1.2021. In the U.K., the S&P Global Construction Purchasing Managers Index was up to 54.6 in February, vs 49.5 expected.

USD/JPY gained 7pips to 135.94.

AUD/USD dropped 40pips to 0.673.

USD/CHF fell 46pips to 0.9316.

USD/CAD rose 17pips to 1.3615.

Bitcoin traded lower to 22363 while Ethereum decreased to 1561.

After Hours

After the bell, there were no major news or earnings released.

 

[v1forex]

MARKET COMMENTARY


On Tuesday, U.S. stocks closed over 1% lower after Federal Reserve Chair Jerome Powell showed a hawkish tone on interest rates. The Dow Jones Industrial Average fell 574 points (-1.72%) to 32,856, the S&P 500 dropped 62 points (-1.53%) to 3,986, and the Nasdaq 100 slid 150 points (-1.22%) to 12,152.

In his semiannual testimony on monetary policy to the Senate, Powell said the ultimate level of rates is likely to be higher than previously anticipated, adding: "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes".

According to CME Group's FedWatch tool, the market now sees the chance of a 50-basis-point rate hike in March to be more than 70%, up from 31% on Monday.

The U.S. 10-year Treasury yield was relatively flat at 3.962%, while the 2-year Treasury yield closed at 5.015%, the highest level since 2007.

Banks (-3.59%), automobiles (-2.75%), and real estate (-2.5%) sectors lost the most.

Rivian Automotive (RIVN) plunged 14.54%. The electric-car maker announced plans to raise $1.3 billion through selling bonds.

Tesla (TSLA) lost 3.15%.

On the other hand, Dick's Sporting Goods (DKS) climbed 11.09% to a record close. The sporting-goods retailer posted better-than-expected quarterly comparable sales and earnings.

Spirit Airlines (SAVE) gained 4.71% while Jetblue Airways (JBLU) fell 2.86%. The U.S. Department of Justice filed an antitrust lawsuit to block JetBlue Airways from merging with Spirit Airlines.

European stocks also closed lower. The DAX 40 fell 0.60%, the CAC 40 declined 0.46%, and the FTSE 100 was down 0.13%.

U.S. WTI crude futures dropped $3.10 (-3.85%) to $77.39 a barrel.

Gold slumped $32 (-1.73%) to $1,814 an ounce, and silver slid 3.85% to $20.49 an ounce.

The U.S. dollar jumped against other major currencies as the central bank chief said interest rates are likely to rise more than previously expected. The dollar index climbed to a three-month high of 105.63.

EUR/USD dropped 131 pips (-1.23%) to 1.0550. Germany's data showed that factory orders grew 1.0% on month in February (vs -0.8% expected).

USD/JPY gained 120 pips to 137.13.

GBP/USD fell 200 pips (-1.66%) to 1.1825. In the U.K., the Halifax house price Index increased 1.1% on month in February (vs -0.3% expected).

AUD/USD slid 140 pips (-2.08%)to 0.6590. Australia's central bank raised its benchmark interest rate by 25 basis points to 3.60% (as expected), but said it is closer to pause the current cycle of rate hikes.

USD/CHF rose 113 pips to 0.9420.

USD/CAD increased 139 pips to a four-month high of 1.3752.

Bitcoin declined over 1% to $22,140.

 

[v1forex]

MARKET COMMENTARY


On Wednesday, U.S. stocks rallied late in the trading session to close mixed. The Dow Jones Industrial Average fell 58 points (-0.18%) to 32,798, while the S&P 500 rose 5 points (+0.14%) to 3,992, and the Nasdaq 100 gained 63 points (+0.52%) to 12,215.

In his second day of semiannual testimony on monetary policy to Congress, Federal Reserve Chair Jerome Powell remarked that no decision has yet been made on potential size of the upcoming March interest-rate hike.

Regarding U.S. economic data, the ADP jobs report showed that the economy added 242,000 private jobs in February (vs +191,000 expected), while official data showed that job openings fell to 10.82 million in January (vs 10.60 million expected). The official jobs report for February will be released on Friday.

The U.S. 10-year Treasury Yield added 2 basis points to 3.983%.

Semiconductors (+2.56%), real estate (+1.32%), and technology hardware & equipment (+0.84%) sectors were market leaders, while automobiles (-2.23%), energy (-1.02%), and insurance (-1%) sectors underperformed the market.

Apple (AAPL) gained 0.84% giving strength to major stock indexes.

Tesla (TSLA) fell 3.04%. The U.S. National Highway Traffic Safety Administration is also probing into 120,000 Tesla Model Y vehicles on concerns of steering wheels detaching while driving.

Amazon.com (AMZN) rose 0.40%. The tech giant announced that Southwest Airlines (LUV) has chosen its cloud computing service Amazon Web Service (AWS) as its preferred cloud provider. Southwest Airlines (LUV) rose 1.59%.

CrowdStrike Holdings (CRWD) gained 3.19%. The cyber security firm posted better-than-expected quarterly revenue and upbeat full-year operations forecast.

European stocks closed mixed. The DAX 40 rose 0.46%, the FTSE 100 gained 0.13%, while the CAC 40 fell 0.20%.

U.S. WTI crude futures declined $1.10 to $76.52 a barrel. The U.S. Department of Energy reported a reduction of 1.69 million barrels in the crude-oil stockpiles (vs +0.40 million barrels expected).

Gold price was little changed at $1,813 an ounce.

The U.S. dollar kept its strength against other major currencies. The dollar index edged up to 105.66.

EUR/USD slipped 6 pips to 1.0543. Germany's data showed that industrial production grew 3.5% on month in January (vs +1.5% expected), while retail sales dropped 0.3% on month (vs +2.5% expected).

USD/CAD added 46 pips to 1.3800. Canada's central bank left its key interest rate unchanged at 4.50% (as expected), becoming the first major central bank to pause its rate hikes.

USD/JPY gained 17 pips to 137.00. This morning, Japan's fourth-quarter gross domestic product growth was revised to an annualized rate of 0.1% on quarter, less than the preliminary estimate of a 0.6% expansion. The Bank of Japan reported that M2 money stock increased 2.6% on year in February (vs +2.7% in January).

GBP/USD climbed 15 pips to 1.1845. This morning, the U.K. Royal Institute of Chartered Surveyors house price balance posted at -48% for February (vs -53% expected).

AUD/USD added 5 pips to 0.6589.

USD/CHF edged down 3 pips to 0.9415.

Bitcoin struggled to hold the $22,000 level.

 

[v1forex]

MARKET COMMENTARY


On Thursday, U.S. stocks closed sharply lower, dragged by falling bank stocks. The Dow Jones Industrial Average dropped 543 points (-1.66%) to 32,254, the S&P 500 fell 73 points (-1.85%) to 3,918, and the Nasdaq 100 slid 219 points (-1.80%) to 11,995.

The U.S. 10-year Treasury yield eased 5.3 basis points to 3.923%.

U.S. data showed that the latest number of initial jobless claims rose to 211,000 (vs 192,000 expected). The closely-watched U.S. official jobs report for February will be released later today. It is expected that the economy added 210,000 non-farm payrolls with the jobless rate staying stable at 3.4%.

Bank (-6.57%), automobiles (-4.76%), and diversified financial (-3.27%) sectors lost the most.

SVB Financial Group (SIVB) plummeted 60.41%. The lender slashed its 2023 outlook and announced plans to raise $1.75 billion of capital through selling shares.

JPMorgan Chase (JPM) fell 5.41%, Citigroup (C) lost 4.10%, and Goldman Sachs (GS) was down 2.06%.

At the same time, Silvergate Capital (SI) plunged 42.16%. The cryptocurrency-focus bank disclosed plans to wind down operations and voluntarily liquidate.

Tesla (TSLA) dropped 4.99% posting a four-session losing streak.

NetFlix (NFLX) fell 4.49%, Alphabet (GOOGL) declined 2.05%, Amazon.com (AMZN) lost 1.78%, Meta Platforms (META) slipped 1.77%, Apple (AAPL) dropped 1.49%, and Microsoft (MSFT) was down 0.54%.

Also, General Motors (GM) dropped 4.88%, and Chinese e-commerce firm JD.com (JD) plunged 11.28%.

Meanwhile, General Electric (GE) rose 5.27% after the industrial giant reiterated its 2023 full-year earnings forecast.

In Europe, the DAX 40 closed relatively flat, the CAC 40 declined 0.12%, and the FTSE 100 dropped 0.63%.

U.S. WTI crude futures declined $0.94 to $75.72 a barrel.

Gold price rose $17 to $1,830 an ounce.

The U.S. dollar pulled back against other major currencies after the initial jobless claims data. The dollar index retreated to 105.25.

EUR/USD rose 0.32% to 1.0583, and GBP/USD gained 0.81% to 1.1925.

USD/JPY fell 0.74% to 136.15. This morning, Japan's data showed that producer prices increased 8.2% on year in February (vs +9.1% expected), and household spending declined 0.3% on year in January (vs -0.7% expected).

Later today, Japan's central bank is expected to keep its key interest rate at negative -0.100%.

AUD/USD gained 0.09% to 0.6590.

USD/CHF fell 0.96% to 0.9327

USD/CAD rose 0.54% to 1.3828.

Cryptocurrencies and crypto-focused companies were all impacted by the collapse of Silvergate Capital. Bitcoin slumped over 6% to $20,300.

 

[v1forex]

Payout

 

[v1forex]

MARKET COMMENTARY


On Friday, U.S. stocks lost more than 1% again amid growing worries about contagion risks from the collapse of Silicon Valley Bank. The Dow Jones Industrial Average fell 345 points (-1.07%) to 31,909, the S&P 500 dropped 56 points (-1.45%) to 3,861, and the Nasdaq 100 was down 165 points (-1.38%) to 11,830.

Silicon Valley Bank, a lender focusing on the technology sector, was shut down by Californian authorities on Friday, and placed under the receivership of the Federal Deposit Insurance Corporation (FDIC). This is the biggest U.S. bank failure since the 2008 financial crisis.

Shares of SVB Financial Group (SIVB), the holding company of Silicon Valley Bank, plummeted 60.41% on Thursday, and shed a further 69% pre-market on Friday before being halted in trading for pending news.

Peers First Republic Bank (FRC) and Charles Schwab (SCHW) sank 14.84% and 11.69% respectively.

Over the weekend, U.S. authorities also closed Signature Bank (SBNY) in New York.

Finally on Sunday, U.S. banking regulators announced that depositors at both Silicon Valley Bank and Signature Bank will have full access to their deposits. However, shareholders of the two banks will not be protected.

Monday morning, futures of the S&P 500 and the Nasdaq 100 rebounded over 1%.

Regarding the closely-watched U.S. official jobs report for February, the number of nonfarm payrolls increased by 311,000 (vs +210,000 expected). However, the jobless rate rose to 3.6% (vs 3.4% expected) and the average hourly earnings grew only 0.2% on month (vs +0.3% expected, +0.3% in January).

U.S. Treasury yields tumbled on signs of troubles in the banking sector and of a cooling labor market. The 10-year Treasury yield fell 21.8 basis points to 3.685%, and the 2-year yield was down 30.3 basis points to 4.597%.

Real estate (-3.25%), diversified financials (-2.84%), and materials (-2.15%) sectors lost the most on Friday.

Apple (AAPL) declined 1.39%, Oracle (ORCL) dropped 3.22%, Gap (GPS) fell 6.13%, and Caterpillar (CAT) was down 5.79%.

European stocks also closed lower. The DAX fell 1.31%, the CAC 40 dropped 1.30%, and the FTSE 100 was down 1.67%.

U.S. WTI crude futures gained $0.90 to $76.62 a barrel.

Gold price jumped $36 (+1.97%) to $1,867 an ounce, driven by demand for safe-haven assets.

The U.S. dollar weakened against other major currencies, as signs of a cooling labor market led investors to expect the Federal Reserve to be less aggressive on interest-rate hikes. The dollar index retreated to 104.60, and fell further to 104.17 on Monday morning after U.S. authorities stepped in to help depositors of two failed banks.

Also on Monday morning, EUR/USD advanced to 1.0690.

USD/JPY dropped to 134.44.

GBP/USD climbed to challenge the 1.2100 on the upside. U.K. data showed that gross domestic product grew 0.3% on month in January (vs +0.0% expected), while industrial production declined 0.3% on month in January (as expected).

AUD/USD bounced 1% to 0.6641.

USD/CHF dropped to 0.9155, and USD/CAD fell to 1.3765.

Bitcoin once crossed below $20,000 on Friday, but rebounded to levels above $21,000 on Monday morning.

 

[v1forex]

MARKET COMMENTARY


On Monday, major U.S. stock indexes closed mixed after encountering a volatile session. The Dow Jones Industrial Average dropped 90 points (-0.28%) to 31,819, the S&P 500 dipped 5 points (-0.15%) to 3,855, while the Nasdaq 100 rose 92 points (+0.79%) to 11,923.

As investors expected the Federal Reserve to be less aggressive on raising interest rates, the U.S. 10-year Treasury yield sank 15.4 basis points to 3.545%, and the 2-year yield slid 48 basis points to 4.107%.

Closely-watched U.S. February inflation data will be released later today. It is expected that the annual inflation rate slowed further to 6.1%.

The banks sector (-6.99%) remained the market's focus and lost the most, followed by insurance (-2.85%) and diversified financials (-2.11%) sectors.

Shares of regional banks slid following the failures of Silicon Valley Bank and Signature Bank. First Republic Bank (FRC) plummeted 61.83%, and Fifth Third Bancorp (FITB) fell 13.57%.

Other finance peers also underperformed the market. Charles Schwab (SCHW) shed 11.57%, Keycorp (KEY) lost 27.33%, and Huntington Bancshares (HBAN) was down 16.83%.

On the other hand, shares of big technology firms performed well. Microsoft (MSFT) rose 2.14%, Apple (AAPL) gained 1.33%, Amazon.com (AMZN) climbed 1.87%, and Tesla (TSLA) was up 0.60%.

Shares of biotech companies also traded higher. Illumina (ILMN) jumped 16.97%, and Moderna (MRNA) advanced 6.95%, and Amgen (AMGN) was up 2.33%.

Under Armour (UAA) declined 7.52% after the stock was downgraded to "neutral" at JPMorgan.

European stocks closed sharply lower. The DAX 40 fell 3.04%, the CAC 40 dropped 2.90%, and the FTSE 100 lost 2.58%.

U.S. WTI crude futures declined $2.10 to $74.58 a barrel.

Precious metals were buoyed by demand for safe-haven assets amid bank failures. Gold price jumped $44 (+2.35%) to $1,913 an ounce, and silver shot up $1.25 (+6.11%) to $21.80 an ounce.

The U.S. dollar weakened further against other major currencies. The dollar index slid to 103.65.

EUR/USD gained 85 pips to 1.0728.

USD/JPY fell 169 pips (-1.25%) to 133.34.

GBP/USD jumped 150 pips (+1.25%) to 1.2180.

AUD/USD added 86 pips to 0.6666. This morning, the Westpac consumer confidence index remained stable at 78.5 in March (vs 79.1 expected). The National Australia Bank business confidence index fell to -4 in February (vs +5 expected).

USD/CHF fell 87 pips to 0.9120, and USD/CAD declined 106 pips to 1.3726.

Bitcoin rebounded over 8% or $1,800 to $24,300.

 

[v1forex]

MARKET COMMENTARY


On Tuesday, U.S. stocks closed more than 1% higher, as fears over banking contagion risks sparked by the collapse of Silicon Valley Bank subsided. The Dow Jones Industrial Average rose 336 points (+1.06%) to 32,155, the S&P 500 gained 64 points (+1.68%) to 3,920, and the Nasdaq 100 jumped 276 points (+2.32%) to 12,199.

U.S. official data showed that the inflation rate cooled down further to 6.0% on year in February (vs +6.1% expected, +6.4% in January).

The U.S. 10-year Treasury yield rebounded 10.8 basis points to 3.682%.

Automobiles (+3.95%), semiconductors (+3.39%), and media (+3.02%) sectors led the market higher.

Shares of regional banks bounced back. First Republic Bank (FRC) surged 26.98%, and KeyCorp (KEY) jumped 6.94%.

Large banks also did well. JPMorgan Chase (JPM) gained 2.57%, Citigroup (C) rose 5.95%, and Wells Fargo (WFC) was up 4.58%.

Tesla (TSLA) advanced 5.03%, Nvidia (NVDA) jumped 4.78%, Microsoft (MSFT) climbed 2.71%, Amazon.com (AMZN) gained 2.65%, and Apple (AAPL) was up 1.41%.

Meta Platforms (META) climbed 7.25% after the company announced a further cut of 10,000 jobs.

Alphabet (GOOGL) rose 3.14%. The company announced plans to integrate generative artificial intelligence (AI) tools to its email, collaboration and cloud software.

Bunge Ltd (BG) surged 14.48% after S&P Dow Jones Indices said the stock will replace Signature Bank (SBNY) in the S&P 500 index.

On the other hand, United Airlines (UAL) fell 5.37% after the airline issued a profit warning for its first quarter.

European stocks also closed higher. The DAX 40 rose 1.83%, the CAC 40 gained 1.86%, and the FTSE 100 was up 1.17%.

U.S. WTI crude futures dropped $3.30 (-4.41%) to $71.48 a barrel.

Gold price retreated $10 to $1,903 an ounce.

The U.S. dollar index was stable at 103.62.

EUR/USD was little changed at 1.0734.

USD/JPY rebounded 102 pips to 134.23.

GBP/USD dropped 22 pips to 1.2161. In the U.K., the latest jobless rate stayed steady at 3.7% (vs 3.8% expected).

AUD/USD added 12 pips to 0.668.

USD/CHF rose 20 pips to 0.9139, while USD/CAD dropped 45 pips to 1.3686.

Bitcoin ran up to $26,500 before coming down to $24,700, posting a four-day winning streak.